Transferring Shares from a Deceased Demat Account Holder
Managing a deceased parent's financial assets can be a complex and emotionally challenging task. If your father had a demat account with Karvy, and you want to transfer the shares to your own demat account, follow the steps provided here. This guide is designed to help you navigate the process of transferring shares from a deceased parent's demat account, whether the account holder had a nominee or not.
Understanding the Process
First, it's important to understand that while Karvy started as a trading company, their demat services are still operational. The process of transferring shares from a deceased parent's demat account primarily involves verifying the account details, determining if a nominee was appointed, and collecting necessary documents such as a death certificate and succession certificate.
Check for Nominee
Before beginning the transfer process, check your father's demat account to see if a nominee was designated. If a nominee is listed, find out who that nominee is and whether they have a demat account. If they do not, you will need to open a demat account in their name, allowing you to manage the shares on their behalf.
No Nominee Scenario
If there is no nominee listed in your father's demat account, you will need to contact Karvy directly. They may require additional documentation, including the death certificate and possibly a succession certificate, to verify your legal right to the accounts and ownership of the shares. Follow their specific instructions to proceed with the transfer process.
Steps to Transfer Shares
Visit the Broking Firm
To finalize the transfer, you will need to visit the Karvy branch office where your father's demat account was maintained. Present the death certificate, succession certificate, and the demat account data, including the DP ID. Fill out the necessary forms to ensure a smooth transfer of shares to your account.
Contact Share Registrars
If your father owned physical shares, they need to be transmitted through the share registrars of the companies involved. This requires additional documentation and forms to be submitted. Once the physical shares are transmitted, you or your legal heir can then demat the shares and transfer them to your demat account.
Legal Proofs and Inheritance
In scenarios where there is no nominee and no clear succession, you will need to prove legal inheritance rights. This can be done through a will or court-issued documents. The company's registrar will process the physical to demat conversion only after verifying your inheritance rights. In the absence of a will, you will also need No-Objection Certificates (NOC) from other potential heirs, and if necessary, a probate of the will.
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